Bitcoin: BTC Price Upswing Could Gather Momentum Above $4K

Bitcoin price stayed above the $3,850 support and rebounded above $3,940 against the US Dollar.

The price surged higher and settled above the $3,900 and $3,940 resistance levels.

This week’s followed crucial bearish trend line was cleared with resistance at $3,945 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair is now back in a positive zone and it could extend gains above the $3,980 and $4,000 resistances.

Bitcoin price made a sharp U-turn from new weekly lows against the US Dollar. BTC is back above the $3,940 pivot level and it could accelerate gains above the $4,000 barrier in the near term.

Bitcoin Price Analysis

Yesterday, we saw an extended decline in bitcoin price below the $3,900 support against the US Dollar. The Bitcoin BTC/USD pair traded to a new weekly low at $3,850. Later, the pair formed a decent support base near the $3,880 level. As a result, there was a strong upswing and the price climbed above the $3,900 resistance level. More importantly, the price cleared the key resistances near $3,920 and $3,940 (the previous supports).

Besides, bulls cleared this week’s followed crucial bearish trend line with resistance at $3,945 on the hourly chart of the Bitcoin BTC/USD pair. The pair settled above the $3,940 resistance and the 100 hourly simple moving average. It even spiked above the $3,980 resistance and a new intraday high was formed at $3,988. The price is currently consolidating below $3,988 and it seems like there could be more gains. On the downside, an initial support is near $3,955 and the 23.6% Fib retracement level of the recent wave from the $3,856 low to $3,988 high.

However, the main support is near the $3,940 and $3,920 levels. The 50% Fib retracement level of the recent wave from the $3,856 low to $3,988 high is also near the $3,920 level. On the upside, the price is likely to accelerate above the $4,000 resistance in the near term. The next stop for buyers could be near $4,020 or $4,040.

Looking at the chart, bitcoin price pumped nicely above the $3,940 pivot level and moved into a positive zone. The current price action is positive and suggests more gains above $4,000 and $4,020. There are even chances of a fresh high above the $4,040 resistance. On the other hand, if there is a downside correction, buyers are likely to protect the $3,940 and $3,920 support levels.

According to eToro senior market analyst Mati Greenspan, bitcoin is in amidst a parabolic bull cycle and is on track to sustain its strong momentum over the medium to long term.

Since January, within less than six months, the bitcoin price has increased by nearly 100 percent against the U.S. dollar.

With a 98% gain year-to-date, bitcoin has outperformed most assets in 2019
(source: coinmarketcap.com)

Still, despite its large short-term rally, Greenspan noted that the dominant cryptocurrency is only at the start of a bigger cycle that may lead to new highs for the asset.

WHY INDUSTRY EXECUTIVES ARE SO OPTIMISTIC IN BITCOIN

In December 2018, the bitcoin price dropped to its lowest yearly point at $3,150. At the time, even though the industry had demonstrated significant progress in improving the infrastructure supporting the asset class, the sentiment around…

World’s third largest cryptocurrency Ripple (XRP) has appreciated up to 31-percent against the US dollar in just two days.

The XRP-to-dollar exchange rate Tuesday established an intraday high towards $0.405, up 25.05% since the market open on Luxembourg-based Bitstamp exchange. The pair dropped as much as 5.05-percent ahead of the European session to neutralize its overbought sentiments, finding interim support at $0.384-level.

RIPPLE (XRP) SURGES 25% IN A DAY | SOURCE: TRADINGVIEW.COM, BITSTAMP

The sentiment was the same across the rest of the cryptocurrency index, with almost all the leading cryptocurrency posting surplus intraday gains. Bitcoin (BTC), for instance, extended its rally action to establish a new 2019 peak towards $8,836.19. Ethereum, EOS, and Bitcoin Cash too recorded double-digit percentage gains on a 24-hour adjusted timeframe.

Share your thoughts and views on this interview by commenting below

Facebook, the largest social media giant, made news after it announced that it would launch its own cryptocurrency, Facebook Coin. It was also rumoured that Facebook was looking out for VC firms to invest in their cryptocurrency project, with the targeted sum being “as much as $1 billion.”

Now, according to an official announcement, Facebook is going to lift its ban on cryptocurrency and blockchain related ads on its platform.

The facebook statement read :

“Starting 5 June, we will update our Prohibited Financial Products and Services Policy to no longer allow ads promoting contracts for difference [CFDs], complex financial products that are often associated with predatory behaviour. These products, due to their complexity, often mislead people.”

Facebook had implemented the ban on cryptocurrency ads and promotional campaigns related to blockchains and ICOs back in January 2018. It was believed that the ban was to tackle concerns…

Craig Wright, a man who, as WIRED wrote about back in 2016, either created Bitcoin or very badly wants someone to believe he did.

Now rumours are swirling through the Bitcoin world that Wright himself is poised to publicly claim—and possibly offer some sort of proof—that he really is Satoshi Nakamoto, the mysterious inventor of Bitcoin. If he does, he’ll have to convince a highly skeptical cryptography community for whom “proof” is a serious word, and one that requires cryptographic levels of certainty.

The suggestion is that Wright, an Australian cryptographer and security professional, has arranged to perform a demonstration for media in London sometime in the next week that’s intended to convince the world he’s bitcoin’s creator.1 Luckily for any legitimate claimant to the Satoshi throne—and for bitcoiners tired of the long succession of unproven candidates and speculation—there are some clear, almost incontrovertible ways for Satoshi Nakamoto to prove himself. When…